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However, VandeHei says that balance has shifted each year, and that in 2011 it became an even split.

“Obviously our growth is online -- nationally and eventually internationally,” VandeHei said. “If the question is, ‘Are we continuing to see steady growth in revenue online?’ there is no doubt about it, to the point where it’s starting to surpass print.”

The basis for its advertising revenue has never been a secret. Issue advocates turn to Politico because its readers tend to be well-educated, wealthy and powerful. As VandeHei puts it, “We might get fewer eyeballs, but we’re getting a very elite eyeball.”

But no matter how good the advertising numbers may be, many analysts do not believe that is enough.

“If you are not charging for online subscriptions and are totally dependent on online advertising, the problem is that every year that goes by there are more and more websites, more and more places to advertise and thus more and more supply,” Craig Huber, an equity research analyst at Access 342, an independent research firm, told TheWrap. “That puts further pressure on pricing for online display ads.”

The need for multiple revenue streams is one reason for the launch last February of Politico Pro, its online premium-content subscription service. Right now, subscribers can pay $2,500 a year to get extra information on three topics -- energy, technology and health care.

“We’ve had a lot of success and others have had a lot of success in picking a niche and dominating it,” VandeHei said. “Ours is politics and governance, The idea with Pro is to go niche inside of a niche, to take slices of what we do and try to create a little politics for people who care just about energy or just technology and charge a large premium.”

Add on a new events business, in which Politico started flexing its muscles this year. The initiative officially began in February, and some of the more recents events include a panel on "Energy and the Presidency," hosted by Tom Grieve, the editor-in-chief of Politico Pro, and a "Playbook Breakfast," where Allen interviewed one-time presidential candidate Tim Pawlenty.

Not only has Politico staked out new ventures, it has added a great deal of staff. When Vanity Fair profiled the organization in 2009, it had 80 editorial employees; VandeHei says it now has 140 to 150 on the editorial side, and over 200 overall.

That is quite an investment in talent for a company operating in between elections. Surviving the stretch after the 2008 presidential election was its first big test and continuing to grow after the 2010 midterms was the next one.

“I’m sure their business is seasonal to a degree,” said Donnie Williams, chief Digital Officer at Horizon Media.

That may be, but now that Politico has succeeded during what should have been a slow period, the 2012 election is approaching with only more politics on the horizon.